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McCain Campaign Press Release - Statement By McCain Campaign On Barack Obama's Planned Speech On The Economy Today In NYC

March 27, 2008

ARLINGTON, VA -- John McCain 2008 spokesman Tucker Bounds today issued the following statement on Barack Obama's speech on the economy planned for this morning in New York City:

"No amount of rhetoric can hide Senator Obama's clear record of embracing the liberal tax and spend, big government policies that hit hardworking American families at a time when they're most vulnerable, and are certain to move America backward.

"This election provides a clear choice. John McCain offers a common sense agenda to cut taxes, eliminate wasteful government spending, and get our economy back on track, while Senator Obama embraces the failed liberal policies of the past that lock down the ingenuity and entrepreneurial spirit that has always grown our economy, created jobs and expanded opportunity for the American people."



Obama Has Proposed A Laundry List Of Tax Hikes On The Campaign Trail, Which Would Hurt The Economy

Obama Has Called For Higher Income Taxes, Social Security Taxes, Investment Taxes, And Corporate Taxes, As Well As "Massive New Domestic Spending." "Obama's transformation, if you go by his campaign so far, would mean higher income taxes, higher Social Security taxes, higher investment taxes, higher corporate taxes, massive new domestic spending, and a healthcare plan that perhaps could be the next step to a full-scale, single-payer system. Is that what most Americans want, someone who will fulfill a Democratic policy wish list?" (James Pethokoukis, "Barack Hussein Reagan? Ronald Wilson Obama?" U.S. News & World Report's "Capital Commerce" Blog, , 2/12/08)

Obama Has Also Called For Tax Hikes On Coal And Natural Gas. Obama: "What we ought to tax is dirty energy, like coal and, to a lesser extent, natural gas." ("Q&A With Sen. Barack Obama," San Antonio Express-News, 2/19/08)

The Wall Street Journal's Stephen Moore: "If He Becomes President — Tax Rates Will Go Up Almost Across The Board." "[Obama] doesn't believe that raising tax rates is going to hurt the economy and if he becomes President ... tax rates will go up almost across the board." (The Wall Street Journal Website, , Accessed 2/13/08)

CNBC's Larry Kudlow: "[Obama] Has A Very Punitive High-Tax Campaign Plan For The Economy." (Larry Kudlow, "Obama, The Very-High-Tax Candidate," National Review's "The Corner" Blog, , 2/11/08)

Ben Stein: "His Understanding Of Economics Is 100 Percent Wrong." "Mr. Obama could become president and derail everything because his understanding of economics is 100 percent wrong. ... I must say I'm so scared about Mr. Obama becoming president. I can hardly tell you." (CNBC's "Kudlow & Company," 2/14/08)

Obama Said He Will Provide Tax Relief For Working Families, But Voted For A Budget That Raises Taxes On Americans Earning As Little As $31,850

Obama: "We could be fighting to put the American dream within reach for every American -- by giving tax breaks to working families ..." (Sen. Barack Obama, Remarks On Iraq And The Economy, Charleston, WV, 3/20/08)

Obama Voted In Favor Of The Democrats' FY 2009 Budget. "Adoption of the concurrent resolution that would set broad spending and revenue targets over the next five years. The resolution would allow up to $1 trillion in discretionary spending for 2009." (S. Con. Res. 70, CQ Vote #85: Adopted 51-44: R 2-43; D 47-1; I 2-0, 3/14/08, Obama Voted Yea)

Obama-Backed Bill Would Raise Taxes On Individuals Earning As Little As $31,850. "Under both Democratic plans, tax rates would increase by 3 percentage points for each of the 25 percent, 28 percent and 33 percent brackets. At present, the 25 percent bracket begins at $31,850 for individuals and $63,700 for married couples. The 35 percent bracket on incomes over $349,700 would jump to 39.6 percent." (Andrew Taylor, "Presidential Hopefuls To Vote On Budget," The Associated Press, 3/13/08)

The Club For Growth's Andrew Roth Notes That Obama-Backed Budget Would Result In "The Largest Tax Hike In U.S. History." "The Democrats' FY09 budget does not extend the Bush tax cuts. As a result, Americans are set to be hammered with the largest tax hike in U.S. history." (Andrew Roth, "Tax Hike Impact By Congressional District," The Club For Growth's "Club For Growth" Blog, , 3/12/08)


Obama's Liberal Spending Agenda "Suggests A Lack Of Seriousness In Confronting The Nation's Fiscal Condition"

McClatchy: Obama "Promising Massive New Spending Without Providing Details On How [He'd] Pay For It." "Hillary Clinton and Barack Obama champion fiscal responsibility on the campaign trail, but both democratic presidential hopefuls are promising massive new spending without providing details on how they'd pay for it." (Kevin G. Hall and Margaret Talev, "Clinton, Obama Ignore Budget Crisis, Promise Billions," McClatchy Newspapers, 2/22/08)

USA Today: Obama Offers "A Long List Of New Spending Proposals That Suggests A Lack Of Seriousness In Confronting The Nation's Fiscal Condition." "[C]linton and Obama both offer a long list of new spending proposals that suggests a lack of seriousness in confronting the nation's fiscal condition. Obama has received more criticism, perhaps deservedly so, because his list is somewhat longer." (Editorial, "Democrats Promise A Lot, But Who Will Pay The Bill?" USA Today, 2/25/08)

Concord Coalition's Robert Bixby: "I Couldn't Help But Think, '˜Where Is He [Obama] Going To Get The Money To Pay For These Things?'" (Kevin G. Hall and Margaret Talev, "Clinton, Obama Ignore Budget Crisis, Promise Billions," McClatchy Newspapers, 2/22/08)

NOTE: Obama Claims He's Fiscally Conservative. Obama: "I am a progressive, but I always tell people that if you're a progressive you should be fiscally even more conservative than the so-called conservatives. ... The reason is, there are a lot of needs where we need to spend money, so we can't afford to waste money on stuff that we don't need." (April Castro, "Obama Touts Conservative Spending Approach," The Associated Press, 2/28/08)


Obama Wants Larger Government Role In Free Market Economy

Obama Said "We've Depended On Government Action To ... Make The Market Work Better." Obama: "[W]e have a tendency to take our free-market system as a given, to assume that it flows naturally from the laws of supply and demand and Adam Smith's invisible hand. ... And although the benefits of our free-market system have mostly derived from the individual efforts of generations of men and women pursuing their own vision of happiness, in each and every period of great economic upheaval and transition we've depended on government action to open up opportunity, encourage competition, and make the market work better." (Barack Obama, The Audacity Of Hope, 2006, p. 150)

Obama: "But our history should give us confidence that we don't have to choose between an oppressive, government-run economy and a chaotic and unforgiving capitalism. ... What might such a new economic consensus look like? ... [W]e can begin to modernize and rebuild the social contract that FDR first stitched together in the middle of the last century." (Barack Obama, The Audacity Of Hope, 2006, pp. 158-159)


Obama's Plan To Alleviate The Mortgage Crisis Has Been Criticized By Economists And Industry Experts

"Among The Proposals To Rescue Distressed Borrowers, The Obama Plan Was Singled Out For Criticism By Financial Industry Experts." (Jessica Holzer, "Major Bailout Is Unlikely On Sub-Prime Mortgages," The Hill, 9/4/07)

Obama Supports Creating A Mortgage "Bailout Fund." "[S]en. Barack Obama (D-Ill.), who is vying with Clinton for their party's presidential nomination, advocated fining unscrupulous lenders to partially pay for a bailout fund for distressed borrowers." (Jessica Holzer, "Major Bailout Is Unlikely On Sub-Prime Mortgages," The Hill, 9/4/07)

"Opponents Argue That Bailouts Send The Wrong Message To Recipients And Do Nothing To Discourage Future Irresponsible Behavior." (Robert Schroeder, "Should Washington Come To Aid Of Troubled Borrowers?" Dow Jones' MarketWatch, 8/31/07)

"Economists Question Whether Obama's $10-Billion '˜Foreclosure Prevention Fund' Would Cover The Thousands Of Americans Who Already Have Lost Homes And The Thousands More Who Are In Danger." (Stephen Braun, Nicholas Riccardi and Maria La Ganga, "Rivals Differ On Foreclosure Cure," Los Angeles Times, 2/21/08)

Obama Said Fining Lenders Would Only "Partially" Cover The Cost Of His $10 Billion Bailout Fund -- So Do Taxpayers Have To Pay The Rest?

Obama: "We can partially pay for this fund by imposing penalties on lenders that acted irresponsibly or committed fraud." (Sen. Barack Obama, Op-Ed, "Fine Unscrupulous Mortgage Lenders," Financial Times [London, UK], 8/29/07)

Both Clinton's And Obama's Mortgage Proposals Would Place "Some Added Burden On Taxpayers." "On the housing front, both candidates have put forward proposals that would put at least some added burden on taxpayers." (Nick Timiraos, "Candidates Differ On Housing," The Wall Street Journal, 2/20/08)


Obama Rated "Most Liberal Senator" By National Journal, Receiving "Perfect Liberal Score" On Economic Issues

"Sen. Barack Obama, D-Ill., Was The Most Liberal Senator In 2007, According To National Journal's 27th Annual Vote Ratings." (Brian Friel, Richard E. Cohen and Kirk Victor, "Obama: Most Liberal Senator In 2007," National Journal, 1/31/07)

"In 2006, [Obama] Was One Of 13 Senate Democrats With A Perfect Liberal Score On Economic Issues." (Richard E. Cohen, "Left To Right," National Journal, 3/3/07)

"The Insurgent Presidential Candidate Shifted Further To The Left Last Year In The Run-Up To The Primaries, After Ranking As The 16th- And 10th-Most-Liberal During His First Two Years In The Senate." (Brian Friel, Richard E. Cohen and Kirk Victor, "Obama: Most Liberal Senator In 2007," National Journal, 1/31/07)

Obama Receives Poor Marks From Tax, Spending And Business Interest Groups:

The National Taxpayers Union Gave Obama A Grade Of "F" For His Fiscal Voting Record. (National Taxpayers Union Website, , Accessed 9/25/07)

Citizens Against Government Waste Gave Obama A Lifetime Rating Of 22 Out Of 100. (Citizens Against Government Waste, "CCAGW Challenges Presidential Candidates On Earmarks," Press Release, 12/27/07)

Americans For Tax Reform Gave Obama A Lifetime Rating Of 7.5 Out Of 100. (Americans For Tax Reform Website, , Accessed 1/29/08)

The U.S. Chamber Of Commerce Gave Obama A 55 Percent Rating In 2006. (U.S. Chamber Of Commerce Website, , Accessed 9/17/07)

John McCain, McCain Campaign Press Release - Statement By McCain Campaign On Barack Obama's Planned Speech On The Economy Today In NYC Online by Gerhard Peters and John T. Woolley, The American Presidency Project

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